After 35% Gains On A Weekly Basis, Chainlink Crashed By 15%

After 35% gains on a weekly basis, Chainlink dropped by 15% over the past two days, while before the drop, LINK hit an all-time high of $14, gaining an upwards momentum of 35% in a week so let’s see more about the price analysis in our chain link news today.

Chainlink was surging over the past month and it became able to increase by a total of 62%. The coin started this month at $7.83 and broke above the $10 level as it stalled between the $10.45 for a few days. This level penetrated earlier this week and allowed LINK to surge to an all-time high price of $14.74. From here, the asset rolled over to $12.50. The volume for chainlink trading on Coinbase surpassed the one of Bitcoin and this only shows the type of momentum that was sitting behind the asset now.

Looking ahead, the buyers rebounded from the $12.67 resistance which was located at $14. This is followed by the $14.47 and $15 while additional resistances lay at $16.79 and $17.89. On the other side, if the sellers break beneath this level, more support can be found at $12 and $11.40. The RSI turned away from the overbought conditions which is actually a good thing as it gives room to breathe and for the buyers to regroup before they start pushing higher. The momentum will remain in the hands of the bulls as long as the RSI remains above 50.

Against Bitcoin, LINK is in a similar situation as the coin started trading at 68,000 SAT level and then started pushing higher. It eventually broke above the high of 94,000 SAT and went on to climb above 100,000 SAT to reach the resistance of 119,000 SAT. Chainlink’s token was unable to break the point and to go lower into the 108,000 SAT today. Looking ahead, if the sellers continue to drive the price lower, the support can be found at 103,000 SAT, 100,000 SAT and 94,300 SAT while beneath this, the added support can be found at 90,000 SAT, 85,000 SAT and 79,000 SAT.

On the other side, if the bulls are able to rebound from the 108,000 SAT, the first level of resistance lies at 120,000 SAT while beyond this, the resistance lies at 130,000 SAT. The RSI dropped from overbought conditions to allow the bulls to regroup before going higher. The RSI is primed for a bearish crossover signal which could help to send the market lower.